The Task of Assessing the Company's Ability to Continue as a Going

question 32

Multiple Choice

The task of assessing the company's ability to continue as a going concern is the responsibility of

• A) the external auditor.
• B) the internal auditor.
• C) management.
• D) the audit committee.

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Definitions:

Interest

The cost of borrowing money or the return on investment, usually expressed as a percentage of the principal.

Define

to explain the meaning of a word or phrase.

Annual Interest

The amount of interest due per year as a percentage of the amount loaned, deposited, or borrowed.

Vacation Fund

A savings account or financial allocation specifically set aside for personal vacation and travel expenses.